The increasing popularity of the World Cup as a betting event raised turnover at bookmaker Paddy Power in the first half of the year, the company said today.
According to the firms' half year results published this morning turnover rose 27 per cent to €878 million on the same period last year while pretax profit rose 12 per cent to €20.5 million.
The World Cup generated turnover of €48 million, €37 million of which related to matches played by June 30th.
Gross win was up 30 per cent to €105 million boosted by 83 per cent increase in win from online gaming and fixed odds betting machines known as FOBTs.
Operating profit was up 11 per cent to €19.6 million after inclusion of a once-off cost of €4 million relating to the cost of 'tax-free' betting in the group's Irish shops.
Paddy Power raised its interim dividend by 22 per cent and reiterated its ntention to increase the full year dividend payout ratio to 40 per cent.